The Channel logo

News

By | Kelly Fiveash 12th March 2008 11:21

Northamber announces £2.94m cash return

Surplus to requirements

Computer distie Northamber intends to return £2.94m, or ten pence a share, to shareholders because it is surplus to working capital requirements.

The Surrey-based firm said yesterday that the proposed return of cash will be made by splitting existing ordinary shares into new ordinary shares and C shares, as well as the expected acquisition of the C shares by stockbroker Walker Crips.

Shareholders will be asked to approve the cash return, which currently represents about 18 per cent of Northamber’s market capitalisation, at an EGM on 3 April.

If the proposal gets the go-ahead, shareholders will get one new share and one C share for each existing share they hold on 2 April.

All the C shares received by shareholders may be purchased by Walker Crips on 3 April for £3.06m, which represents ten pence per C share plus expenses, Northamber said in a statement.

Just last week the company reported a first half rise in pre-tax profit and revenue, helped by a moderate trading recovery and an overheads cutback.

Northamber shares are currently trading at 55.5 pence, up more than 2.5 per cent, on the London Stock Exchange. ®

alert Send corrections

Opinion

Memristor_wafer

Chris Mellor

Execution warrant close to being signed for Fink's folly
Woman cuddles 'sly-looking' Fennec fox. Photo by Shutterstock
Cartoon of employee asking wky boss makes hium wear suspenders (while pincer through open trapdoor remains poised above his head) illustration by Cartoon resource for Shutterstock

Frank Jennings

It's not like my boss painstakingly nurtured the contacts, right?

Features

Girl and computer, photo via Shutterstock
Middle-class terror of engineering also part of problem
Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world